Instant Access Savings
Instant access and no restrictions on the number of withdrawals you can make.
- Rates of up to 1.25% Gross / AER
Savings News
As of the 7th October 2008 the government increased the compensation limit covered by the Financial Service Compensation Scheme for deposits to £50,000 (£100,000 for joint accounts). Click here to find out more.
Key benefits of a Tesco Instant Access Savings account
- Competitive rates - up to 1.25% Gross/AER (minimum balance to earn this rate is £50,000)
- Tiered rates of interest - mean the more you save the more you earn
- Instant access to your funds (Please Note: for security reasons there are daily limits on the amounts that can be withdrawn from your savings account. Find out more about daily withdrawal limits).
- Transactions in store - You can deposit cash at your local Tesco store and pay in cheques at over 550 Tesco stores
- Instant Access Savings account card - Take money out at your local Tesco store (except Tesco Express and petrol filling stations) and FREE at a Tesco ATM or LINK cash machine.
- Telephone Banking - Once you have registered for Telephone Banking you will be able to check your balance 24 hours a day 7 days a week by calling 0800 7838001, and make payments or change your details by calling 08457 104010 between 8am and 10pm Monday - Friday, and 9am - 5pm on weekends
- Online Banking - Once you have registered for Online Banking you will be able to check your account balance 24 hours a day 7 days a week online - anywhere you have access to the internet. When you have received your Card Reader you will also be able to set up and amend payee details online whenever you choose to do so. Find out more about managing your account online
- Regular Savings - Set up a Direct Debit to make regular (and one off) payments into your account when it suits you
- Save for under 16s - With the "in trust for" option
Depositing Money
You can pay money into your Instant Access Savings account in a number of ways:
- You can deposit cash at your local Tesco store and pay in cheques at over 550 Tesco stores
- Faster Payment or BACS transfer (Please Note: Faster Payments are fully supported by Tesco Savings, but the other Bank or Building Society will also need to use the Faster Payment system for a payment to be made using this method. We are unable to accept CHAPS payments)
- Direct Debit / Standing Order
Withdrawing Money
You can withdraw money from your Instant Access Savings account in a number of ways:
- Online Banking
- Telephone Banking
- Tesco store Customer Service Desk or check-out
- Tesco ATM or LINK cash machine
- Post
For security reasons there are daily withdrawal limits which apply. Find out more about daily withdrawal limits which apply
Our interest rates
Tesco Instant Access Savings account rates are subject to change. Interest is calculated on a daily basis and is paid monthly or annually as you choose. Interest will be paid on the last business day of the month for monthly accounts and the last business day in April for annual accounts.
Non-taxpayers
If you are a UK non-tax payer, you will be required to complete an R85 form. This will be sent to you with your welcome letter if applicable.
Annual Interest rates
If you choose the annual interest option, the annual rates apply:
| Saved amounts | Current (effective from 28/05/2009) | Previous (effective from 16/04/2009) | ||
|---|---|---|---|---|
| Gross | AER | Net | AER | |
| £1 + | 0.75% | 0.75% | 0.60% | 1.00% |
| £10,000 + | 1.00% | 1.00% | 0.80% | 1.25% |
| £50,000 + | 1.25% | 1.25% | 1.00% | 1.50% |
Monthly Interest rates
If you choose the monthly interest option, the monthly rates apply:
| Saved amounts | Current (effective from 28/05/2009) | Previous (effective from 16/04/2009) | ||
|---|---|---|---|---|
| Gross | AER | Net | AER | |
| £1 + | 0.75% | 0.75% | 0.60% | 1.00% |
| £10,000 + | 1.00% | 1.00% | 0.80% | 1.25% |
| £50,000 + | 1.24% | 1.25% | 1.00% | 1.50% |
- Gross is the interest rate paid before deduction of tax
- Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year
- Net is the interest rate paid after the deduction of tax
Rates are variable and effective from the 28th May 2009.
How do we compare?
With a Tesco Instant Access Savings account you can earn a very competitive rate of interest AND we offer you the convenience of depositing or withdrawing money when you pop in to do your shopping...
The table below looks at the interest you could earn compared to some other high street savings accounts.
| Amount Invested | |||
|---|---|---|---|
| £1+ | £10,000+ | £50,000+ | |
| Savings Provider | AER | ||
| Tesco Instant Access Savings | 0.75% | 1.00% | 1.25% |
| Barclays More for More | 0.50% | 0.70%¹ | 1.00%¹ |
| Halifax Guaranteed Saver | 0.50%² | 0.50% | 0.50% |
| NatWest First Reserve | 0.20% | 0.20% | 0.20% |
| HSBC Flexible Saver | 0.05% | 0.05% | 0.05% |
Data sourced from Defaqto 14 May 2009. Tesco Instant Access Savings rates correct at 28 May 2009.
¹ Balances of £25,000+ qualify for 0.90% interest. 1.10% interest payable on balances between £100,000 and £249,999. Balances over £250,000 receive 1.25% interest.
² Account can only be opened with £2,500, no interest is paid on balances below £50. Balances above £50 earn 0.10% interest. Account can be opened with £1 for those under 21. Under 21s receive 0.50% interest on balances above £1.
³ 0.25% interest payable on balances between £2,500 and £9,999. Balances over £25,000 receive 0.40% interest.
